CES Exercise 7-13 On July 1, 2017, Oriole Inc. made two sales. 1. It sold land having a fair value of $904,290 in exchange for a 3-year zero-interest-bearing promissory note in the face amount of $1,236,737. The land is carried on Oriole's books at a cost of $591,300. 2. It rendered services in exchange for a 3%, 6-year promissory note having a face value of $408,830 (interest payable annually). Oriole In recently had to pay 7% terest for money that it borrowed from British National Bank. The customers n these two transactions udy them to borrow money at 11% interest. Record the two journal entries that should be recorded by Oriole Inc. for the sales transa calculations to 5 decimal places, e.g. 1.25124 and final answers to o decimal places, e.g. 5,275. I ctions above that took place on Jly , 2017 (Round present value factor l no entry is required, sel ect "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. July 1, 2017 Debit Credit 2. July 1, 2017